TECHNICALS-CBOT soybeans may rise toward $10.42
SINGAPORE, June 30 (Reuters) - The CBOT soybean November contract SX25 may break the resistance of $10.28-1/2 per bushel, and rise toward $10.42.
The contract found support around $10.15. It also briefly pierced above resistance at $10.28-1/2. The sharp fall from $10.74-1/4 is assumed to have temporarily ended.
The strength of the current bounce remains unclear. However, the $10.42 level looks like a possible target. A break below $10.45 could open the way toward $9.88 to $9.98-1/4 range.
On the hourly chart, a retracement analysis on the fall from $10.50 to $10.13-1/4 reveals more fine-tuned resistance of $10.31-3/4.
Given that the contract has climbed far above the peak of a wave iv, it is likely to break $10.31-3/4 and rise toward the peak of the wave ii around $10.41-1/4.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own.
** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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